citybiz+ Green Street Housing Raises $750,000 from Fulton Bank, FHLBank

Salisbury, Md.-based Green Street Housing has raised $750,000 from two banks in Pennsylvania — Fulton Bank, of Lancaster, Pa., and FHLBank, of Pittsburgh, Pa.

The 16-year-old real estate development company, which offers construction and project management services, is focused on affordable housing, especially in rural areas. The Maryland developer has closed 25 projects, and managed over $350 million in total development costs for attainable housing projects in Maryland, Delaware and Virginia. It has also closed USDA Section 515 preservation deals in Maryland and Delaware, using low-income housing tax credits, state soft loan funds and tax-exempt bonds.

Green Street’s founders — David Layfield and Tom Ayd — bring significant experience in affordable housing. Layfield, a 23-year industry veteran, has completed over a score of development transactions valued at over $120 million. He is also the creator of two websites — Affordable Housing Online and As CEO of the latter, Layfield oversees an online marketing company that maintains a database of affordable rental housing, and provides essential information to more than 10 million low-income renters.

Layfield serves on the board of the Council for Affordable and Rural Housing, and has helped craft 3560 regulations and handbook. In Washington, he has managed Section 514/516 Farm Labor Housing program for USDA, Rural Housing Service.

In 2015, Layfield was recognized by CARH as the Member of the Year for his work on rural housing issues at the national level. In 2014, he won the Affordable Housing Advocate of the Year award from the National Affordable Housing Management Association.

Ayd has led and closed numerous financing deals in Maryland, Virginia and Delaware. The majority of his experience lies in acquisition/rehabilitation and new construction of rental housing in rural areas.

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Last month, Green Street Housing and Loudoun, Va.-based Good Works held a ribbon-cutting ceremony for Waxpool Apartments in Ashburn, Va. The 52-unit residential development project aims to provide affordable apartments on rent to hourly-wage workers, teachers, and first responders.

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Located within a mile’s walk from the new Ashburn Metrorail Station, Waxpool Apartments will offer a mix of one- and two-bedroom apartments, and serve incomes between 30-60% of the area median income.

Good Works, the only attainable housing developer headquartered in Loudoun County, has more than 20 years of experience winning Federal Low-Income Housing Tax Credits, HUD bonds and Virginia Housing financing.